Strong presence through 7 brands in the 3 largest automotive markets within the region

Providing more than 530,000 car listings to consumers regionally

ICQ Release: iCar Asia Limited on track and continuing to grow

Posted on August 27th, 2014

27 August, 2014 ‐ iCar Asia Limited (ASX:ICQ), owner of ASEAN’s number 1 network of automotive portals today released its financial statements for the six‐month period ended 30 June2014. Revenue increased by 100% over the prior corresponding period to $1.10m, with the company recognising an EBITDA loss of $5.98m. iCar Asia finished the half with $14.66m in cashand cash equivalents.

Through the first half of 2014 the company continued to invest in its people, marketing its brand, product & technology. As a result, there were significant increases in the Company’s key operating metrics.

Malaysia – Number 1 Classified site for Automotive Listings, Audience & LeadsiCar Asia’s Malaysian business, Carlist.my has consolidated its market‐leading position and seen continued growth inits key metrics of Listings, Audience & Leads, with its lead over competitors increasing.

Malaysia ‐ Dealer Monetisation & Response Management System (RMS) LaunchIn January 2014 Carlist.my successfully began charging car dealers for Feature Listings on both a subscription and individual basis. At June 2014, over 1,300 Dealers were paying for their inventory to be displayed as a Feature Listing. A ‘depth’ product was also launched in the form of a ‘bump’ to the top of the search results, with over 31,000 listings ‘bumped’ during the month of July alone.

In June, Carlist.my launched its RMS, allowing car dealers the ability to upload and edit listings, as well as to manage leads generated on Carlist.my directly from their mobile phone. During its first month, more than 1,300 Dealers logged in and used the RMS.

Damon Rielly, CEO of iCar Asia said, “Carlist.my has clearly established itself as the number 1 automotive site in Malaysia” Rielly continued, “This market‐leadership position has transferred into an engaged dealer customer base who are now beginning to pay to interact with our products.”

Indonesia–Number 1 Automotive Site for Listings, Audience & LeadsiCar Asia’s Indonesia business, Mobil123.com extended its market‐leadership position with strong growth in its key metrics of Listings, Audience and Leads. Having established this strong position, the recent focus has been on training car dealers to upload vehicle listings, with almost 200 dealers now self‐uploading and managing Listings on the website.

Of the company’s Indonesia business, Mr Rielly said, “Mobil123 continues to build on its market leading position. We see the rapid take‐up of car dealers self‐uploading listings as an endorsement of the value of our product.” Rielly continued, “With a strong performance in both Audience and Leads we are focused on upgrading our product capability. We intend to roll out the Indonesian version of the RMS in the coming months, as well as integrate listings and content in our ‘Version 2.0’ of the website. We are very excited about what is to come in Indonesia.”

Thailand – Number 2, Now Challenging the Market‐LeaderiCar Asia’sThailand business, Thaicar.com has established a strong market position, now boasting leadership in the key metric of Listings. With this achieved, the focus will now move to growing Audience and Lead volumes, with positive signs being displayed as both metrics continue to grow strongly.

Mr Rielly said, “I am very excited about our momentum in Thailand. We have established a clear number 1 position in Listings, and are making strong advances in both our Audience and Lead volumes. The entire team is passionately working towards a market‐leadership position.

At the beginning of 2014 we set some very ambitious goals. We are feeling confident of our ability to achieve these goals this year, and with very exciting product releases due to land in the coming weeks and months, we are focused on increasing our leadership position in all our markets across the region.”

About iCar Asia Limited (www.icarasia.com)

Listed on the Australian Securities Exchange, iCar Asia (ASX:ICQ) owns and operates ASEAN’s No. 1 network of automotive portals. Headquartered in Kuala Lumpur, Malaysia, the company is focused on developing and operating leading automotive portals in Malaysia, Indonesia and Thailand. iCar Asia is continuously working to capitalize on its market-leading positions, with its online properties currently reaching over 4.8 million car buyers and sellers in the region every month.